According to the report published by Allied Market Research, the global cloud robotics market generated $4.62 billion in 2021, and is projected to reach $43.73billion by 2031, witnessing a CAGR of 25.3% from 2022 to 2031.
Cloud robotics is a part of modern robotics that focuses on cloud computing, cloud storage, and other internet technologies.Focused on the benefits of converged infrastructure and shared services,the technology allows robots to take advantage of advanced data centers’ tremendous computing, storage, and communication resources. Cloud robotics also eliminates the maintenance and upgrade costs and reduces the dependency on specialized middleware.
The increase in demand for work from home and remote working tools during the COVID-19 pandemic is one of the prime factors that propels the growth of the cloud robotics market. However, the complex security and privacy challenges of the cloud robotics platforms restrain the market growth. On the other hand, a positive drive toward centralized monitoring and control of industrial tools is likely to offer lucrative opportunities for the growth of the cloud robotics market.
Robotics witnessed an enormous growth in the past few years, especially during the outbreak of the COVID-19 pandemic. Its emergence into the Internet of Things (IoT) domain led it to be called the internet of robotic things.Robots play a prime role in many industries, including the civil and military, agricultural, manufacturing, and healthcare sectors.The pandemic also led many businesses to incorporate modern robotics to their regular operations to meet the shortage of laborissue, causingkey players of the industry to offer solutions that can smoothen this transition.
Based on enterprise size, the large enterprises segment held the largest share in 2021 and is expected to continue this trend during the forecast period. This is attributed to the increase in demand for advanced industrial automation and rise in complexities of modern manufacturing processes. However, the SMEs segment is likely to exhibit the highest growth during the forecast period, owing to the rapid technological transformation of small businesses, which would further augment the growth of the global cloud robotics market.
On a regional level, the cloud robotics market in Asia-Pacific dominated in terms of revenue in 2021, and is projected to retain its lead position and also maintain the fastest growth during the forecast period. This is due its high demand for automation and robotics. Moreover, the presence of a robust manufacturing sectorin Asia-Pacific further supports the growth of the cloud robotics market in the region.
Key Findings of the Study
- Based on service model, the SaaS segment contributed to the largest share of the overall cloud robotics market in 2021.
- Based on region, Asia-Pacific accrued the largest revenue in 2021.
- Based on robot type, the industrial robots segment held the largest share in 2021.
The key players analyzed in the cloud robotics market report are ABB, Amazon Robotics, C2RO, Calvary Robotics, CloudMinds, Fanuc Corporation, Google, Hit Robot Group, Huawei, IBM, Kuka AG, Microsoft, Ortelio Ltd., Rapyuta Robotics Co. Ltd., Rockwell Automation Inc., V3 Smart Technologies, and XTendRobotics. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
